Current Assets
Total portfolio balance of $4.4 million as of June 30, 2007 - the majority
of funds are managed through Wells Fargo Trust, Duluth, MN while other
funds are held at Ameriprise Financial, Duluth, MN and Grand Rapids
State Bank, Grand Rapids, MN. Investment policies and objectives are
determined by ICC Foundation board of directors and reviewed annually.

Scholarships and Programs
For academic year 2007-08, 137 scholarships were administered
through the foundation, to 122 students totaling over $109,000 in funds.
Individual scholarship awards range from $100 to $3,000. The
foundation has over 50 endowed scholarships, and 11 endowed
programs (i.e. library, chemistry and physics, nursing).

The foundation also provides funding for the annual college mini grant
program, an opportunity for faculty and staff to apply for grant funds to
enhance a program, activity, campus environment or anything that helps
the college fulfill its mission. Grant requests may be up to $2,500 per
project and must be encumbered or completed by fiscal year end.
Interest from the Karjala trust gift, an endowed account, fund the mini
grant program.

Operating Budget
The development office operates on a $150,400 annual budget for
wages, communications, travel, promotions and other regular expenses.

Funding sources for operations include:
• Up to a 2% management fee is assessed on all donations
• 85% of all fund-raising activities goes to scholarships,
• 15% to operations